Don’t Believe These 4 Myths about Availing of Personal Loans for Students

A child should not have to give up on his innocent dreams due to demeaning financial conditions. The idea of getting a loan is disturbed by many false myths. Don’t believe these 4 myths about availing of personal loans for students – 

Personal loans are sanctioned only to people who have good credit score- 

We have a general notion that having a CIBIL score of or above 750 is an important personal loan eligibility criterion. However, as a full-time student, it is next to impossible to maintain academics as well as have a full-time job that pays well. A student with low CIBIL score can easily avail of a secured personal loan for students with required processes. 

Students with low credit score applying for personal loan without a guarantee, that is an unsecured personal loan will have to face higher interest rates

  • Better than student loan – 

Many confuse personal loan for students to be the same as student loans, which is absolutely not the same. The repayment of a student loan starts after the completion of the course, whereas personal loan repayment begins within a month of approval. 

  • Personal loans help the student build credit –

Absolutely not. A full-time student is most likely to not have a job that pays well. That is why instead of availing of an unsecured loan, the bank or any other money lending institution offer them secured loans, with collateral being either their parents who have good income to debt ratio , or any asset to the student’s name such as a car or land or building. In case the student or their parents fail to repay back, their assets are immediately captured by the bank. 

  • Taking personal loan above student loan – 

Financial institutions recommend lending another loan if the original loan did not completely pay your needs. In the real world, this is not advisable if you are not financially well established. Usually a student loan takes years to be cleared off and on top of that if you are adding another burden, starting your life as a financially independent person seems next to impossible. 

How to apply for a personal loan for students from Bajaj Finserv?

The eligibility criteria have been kept easy so that students can pursue their dreams. Bajaj Finserv Personal Loan for Higher Education is simple to avail, especially if you are employed and paid well.  

To apply for a top up personal loan, one must be within 20 – 60 years of age and a citizen of India living in the country itself. You need to have a minimum salary as per each mentioned city to qualify the eligibility criteria. 

The procedure to apply for personal loan for students, is completed within 2 simple steps – 

  1. You have to get all the necessary documents ready and fill out forms carefully. These include birth certificate, Aadhar Card or other citizenship proofs, earlier academic forms, tax bills, electricity bills, bank details, employment details. 
  2. As you are given the freedom to choose flexibility plan, loan amount, and duration of tenor, by the Bajaj Finserv Personal Loans plans, you must carefully select them based on your financial status. 

After the submission of all necessary documents to the representative, the loan is instantaneously approved within 5 minutes and disbursed to your account within 24 hours. 

Pre-approved offers are available on a wide range of products from Bajaj Finserv, like home loans, credit cards, and personal loans. Submit your name and contact information to see what offers are available to you.

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